"Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports"
About this Quote
The subtext is sharper. Singh is signaling that the India of his early leadership moment wasn’t merely inefficient; it was exposed. A country that can finance only two weeks of what it needs is negotiating with the world from a crouch. Every policy option becomes constrained by the possibility of a sudden stop: credit dries up, currency slides, essentials get costlier overnight. By specifying the reserves “when I took over,” he’s also staking a claim over the narrative of reform: not ideology, but necessity. The phrase frames liberalization less as conversion to markets than as triage.
Context matters: this is the early 1990s, when India faced a balance-of-payments crisis and had to confront the limits of its closed, license-heavy economic model. Singh’s rhetorical power lies in its restraint. No melodrama, just a clinical metric that carries moral weight. It’s a statesman’s way of saying: we were closer to the edge than you remember, and the edge has a number.
Quote Details
| Topic | Money |
|---|---|
| Source | Help us find the source |
| Cite | Cite this Quote |
Citation Formats
APA Style (7th ed.)
Singh, Manmohan. (n.d.). Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports. FixQuotes. https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/
Chicago Style
Singh, Manmohan. "Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports." FixQuotes. Accessed February 2, 2026. https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/.
MLA Style (9th ed.)
"Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports." FixQuotes, https://fixquotes.com/quotes/our-foreign-exchange-reserves-when-i-took-over-119948/. Accessed 2 Feb. 2026.



